The US has a the mixed economic system, both capitalism and socialism. The free market allow businesses to be in competition with one another It also give company freedom to change the prices as they feel necessary. For example cigarette company’s there are a bunch of different company’s with different brands. All the company goals are the same to get you hook on their products and drive up their sells. Even though they are selling the same product with very little differences te compay really on discount, and custermer view to drive there sells up and get more loyal customers. Although We have a free market it not completely free due to it being a socialism economy as well. In a socialism economy the government has a say in how the company’s products. The company due have regulations on things like state and government taxes they need to add and laws they must follow for example cigarettes companies can’t not sell to any under 21 in Wisconsin. They must put up big warning signs where there product is sold and also in different languages if that part of the a it. t he U.S is a mixed economy it also balances out the power to help protect people and the economy.
China’s has a socialist market economy system which means businesses and property’s are own by the government and not the people that created it. Meaning the government has all the say in business but over time the government has been slowly changing and giving so over the power back to the business owners. Meaning the company has more say in their choices and freedom. Which can help benefit their economy in a positive way.
I feel that there is no right economic system but the mixed economic systems seem to be the best one. Not only allows businesses to have control over their products. It also holds people responsible for their product and companies. It seems that the mixed economies have a balance which not only benefits the company itself, but also the economic system of that country.
Economic systems do matter when it comes to business. In certain economic systems, it can determine how much control you have over your business. Depending on economic situation can determine how successful your business will get and how fast it can grow. Knowing your economic situation in your country can be very beneficial when it comes to business also knowing your economic system can determine how much control you have over your business.
From what I’ve learned about economics is that the economy can play a big part in a business survival. Depending on the economy and the economic system in the country that you live in or working in will determine how much success you will have or opportunities you’ll have. I believe there is no right or wrong economic system, even though though I do favor more economic systems over others. I also believe that each country has set up an economic system that works forthe economy.
Thoughts on business 